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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 5, 2014 - 2:40 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE))
The bounce limit”s test up to 1.2420-1.2455 took two days, and its reaction down took much less, as Friday”s reaction to the Employment Situation report retraced it all back to the lows.

Gold Feb Contract (GC, ETF: (GLD))
Thursday”s recovery back above 1200.00 was reversed to a fresh low testing 1187.00 in reaction to Friday”s Employment Situation report. Its reaction up to 1200.00 was reversed down again, albeit not quite back to 1187.00. Breaking either end of the 1187.00-1200.00 range would be likely to trend in that direction.

Silver Mar Contract (SI, ETF: (SLV))
Spiking down Friday in reaction to Friday”s Employment Situation report held Tuesday”s 16.20 low, but didn”t recover intraday. Back above 16.51 would resume the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing fresh highs Thursday night up to 142-08 didn”t prevent a negative knee-jerk reaction down to 140-29 to Friday”s Employment Situation report. The pullback was recovered to retest the 141-13/141-19 buy signal, what was still being tested into the weekend.

Crude Oil Jan Contract (CL, ETF: (USO))
Thursdays ranging around the 66.45 pullback limit extended down slightly overnight and then more so Friday to fresh intraday lows. Last Sunday night”s lows have yet to be touched, let alone retested — but their retest is getting likelier to precede a bigger bounce.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
.Firming overnight and gapping up Friday extended higher intraday to retrace all of Thursday”s loss. That”s a good start to a bottom, but not a bottom itself. A dip to 3.65 would help to launch a more durable upleg.

Posted in Daily Spot